At the End of the Current Year, the Accountant for Navistar

question 99

Multiple Choice

At the end of the current year, the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable to the company's employees for the last week in December. The wages will be paid to the employees in January. Which of the following is one of the effects of this error?

• A)Liabilities are overstated.
• B)Profit is understated.
• C)Expenses are overstated.
• D)Profit is overstated.

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Definitions:

Gonads

Sex glands responsible for producing gametes (sperm in males and eggs in females) and sex hormones.

Secondary Sex Characteristics

Physical changes during puberty that are not directly related to reproduction but that indicate the differences between the sexes.

Endocrine System

A communication system that uses hormones to influence mental activity and behavior.

Sexual Development

The process by which individuals reach sexual maturity and develop the physical characteristics of their gender and a sense of their sexual identity and orientation.